In a move that was widely anticipated, the Federal Open Market Committee (FOMC) opted on Wednesday to cut its fed funds interest rate by 50 basis points to a new target range of between 4.75% and 5%.

Federal Reserve Gov. Michelle Bowman cast the lone dissenting vote on the central bank’s move [to lower interest rates by a half percentage point](

As of Wednesday morning, market pricing has clearly shifted toward a half-point rate cut, though there's still an unusual degree of uncertainty. This week's suspense-filled Fed meeting comes as the S&P 500 is knocking on the door of record territory.